Marico Limited (MARICO)

Fast Moving Consumer Goods · Agricultural Food & other Products · NSE · Updated 15 July 2026

₹844.45 ↑ 14.08% (1Y)

🎯 Key Takeaways

Marico is in a growth phase driven by volume expansion and margin recovery, supported by favorable raw material trends and international strength. Management is targeting double-digit revenue growth and mid-teen EBITDA margins by FY30, with a focus on premiumization and sustainable volume-led growth.
Revenue grew 4.9% QoQ to ₹2,794 in Q3FY25.
⚠️ Margin pressure persists despite revenue growth, with OPM declining sequentially due to competitive pricing and cost structure challenges.

Market Cap

₹1.09 L Cr

P/E Ratio

67.8

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Marico is in a growth phase driven by volume expansion and margin recovery, supported by favorable raw material trends and international strength. Management is targeting double-digit revenue growth and mid-teen EBITDA margins by FY30, with a focus on premiumization and sustainable volume-led growth. The company is navigating macro volatility through pricing discipline and cost optimization.

📰 What's Happening

In Q1 FY27, Marico reported double-digit volume growth in India and mid-teens constant currency growth internationally, with Bangladesh moderating. Consolidated revenue is expected to grow in the early twenties, driven by broad-based performance and 45% decline in copra prices. Management highlighted resilient Bangladesh operations and MENA supply chain adjustments. Strategic focus remains on premiumization, digital transformation, and high-margin segments like VAHO and Plix, with pricing actions calibrated to protect profitability.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,240	2,477	2,476	2,422	2,278	2,643	2,664	2,794
Operating Profit	461	620	535	556	457	663	604	575
OPM %	17.5%	23.2%	20.1%	21.2%	19.4%	23.7%	19.6%	19.1%
Net Profit	305	436	360	386	320	474	433	406
EPS	₹2.34	₹3.30	₹2.73	₹2.97	₹2.46	₹3.60	₹3.26	₹3.08

Revenue grew 3.6% YoY to ₹2,794 Cr in Q3FY25, but OPM declined to 19.08% from 23.69% in Q1FY25, reflecting margin pressure despite revenue expansion. Net profit fell 15.2% YoY to ₹406 Cr, with EPS at ₹3.08. Sequential OPM compression occurred despite revenue growth, indicating cost or pricing headwinds. However, management expects gross margin to improve sequentially due to 35% copra price deflation and calibrated pricing actions.

🔮 Management Outlook & What's Next

Management reaffirmed its medium-term aspiration for sustainable, profitable volume-led growth and targets ₹15,000 Cr revenue and mid-teen EBITDA margins by FY30. It expects consolidated revenue growth in the early twenties and gross margin expansion of 300-400 bps, supported by favorable input cost trends and strategic focus on premium segments and international markets.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Agricultural Food & other Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
TATA CONSUMER PRODUCTS LIMITED	1.22 L Cr	83.2	9.4%	7.3%	0.09
Marico Limited	1.09 L Cr	67.8	—	—	—
Patanjali Foods Limited	50,036	30.3	—	—	—
AWL Agri Business Limited	25,958	21.8	—	—	—
CCL Products (India) Limited	14,906	54.3	—	—	—
LT Foods Limited	14,215	23.9	—	—	—
Balrampur Chini Mills Limited	10,897	26.5	—	—	—
Triveni Engineering & Industries Limited	8,190	38.6	—	—	—
KRBL Limited	7,756	17.8	—	—	—
Gujarat Ambuja Exports Limited	7,467	24.2	—	—	—

🔗 Peer Stock Analyses

TATACONSUM PATANJALI AWL CCL LTFOODS

⚠️ Risk Factors

1. Margin pressure persists despite revenue growth, with OPM declining sequentially due to competitive pricing and cost structure challenges. 2. International growth, while strong in constant currency, faces headwinds in Bangladesh and MENA, where supply chain and macro volatility may impact sustainability. 3. Input cost volatility, particularly in copra, remains a risk even though current trends are favorable, as future price movements could reverse margin tailwinds.

📋 Recent Filings

🧠 Analyst's Read

Marico is executing a disciplined growth strategy supported by volume resilience and input cost tailwinds, but near-term margin recovery depends on pricing power and cost management. Investors should monitor international growth sustainability, especially in Bangladesh and MENA, and the pace of margin improvement in upcoming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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